3 Sept 2021listing compliance notice▼ BadMajor
GEOPETRO RESOURCES CO terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Apr 2015late filing notice▼ Bad
GEOPETRO RESOURCES CO notified the SEC that its annual report would be filed late.
14 Nov 2014quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $451 thousand for the period ended 2014-09-30.
14 Aug 2014quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $491 thousand for the period ended 2014-06-30.
15 May 2014quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $544 thousand for the period ended 2014-03-31.
15 May 2014material agreement termination▼ BadMajor
On May 14, 2014, GeoPetro, MCW Energy Group and MCW CA SUB all signed a termination of the merger agreement first made on February 28, 2013. The filing says the parties "jointly determined not to consummate the merger" and gives no reason. This ends the MCW merger thread: shareholders will not receive MCW shares, and GeoPetro stays an independent company (shown by the termination; the filing does not give a termination fee or any payment).
14 Nov 2013quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $577 thousand for the period ended 2013-09-30.
14 Nov 2013quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $577 thousand for the period ended 2013-09-30.
5 Sept 2013listing compliance notice● NeutralMajor
GEOPETRO RESOURCES CO's exchange filed to remove a class of its securities from listing.
16 Aug 2013listing compliance notice▼ BadMajor
On August 12, 2013, the NYSE MKT panel denied GeoPetro's appeal, after the Staff's August 2 report said the company should be delisted. Trading on NYSE MKT is suspended after August 20, 2013, and the common stock starts trading on the OTCQB on August 21. GeoPetro can ask the full Committee on Securities to review within 15 days, but that does not stay the decision, and it is still evaluating whether to do so. SEC reporting obligations continue. This resolves the long-running financial-condition listing dispute against the company; the filing does not mention the MCW merger.
14 Aug 2013quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $768 thousand for the period ended 2013-06-30.
27 June 2013listing compliance notice● Neutral
After its June 13, 2013 appeal hearing, the NYSE MKT panel decided on June 21 to defer action until it receives a Staff report on GeoPetro's operations through July 15, 2013. If the report finds GeoPetro is no longer financially impaired, the delisting proceeding is dismissed; otherwise GeoPetro can respond in writing and the panel will issue a final decision. The delisting question stays open.
15 May 2013quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $767 thousand for the period ended 2013-03-31.
16 Apr 2013agm notice● Neutral
GEOPETRO RESOURCES CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
16 Apr 2013listing compliance notice▼ BadMajor
On April 10, 2013, NYSE MKT told GeoPetro it had not made enough progress under its plan to regain compliance with the financial-condition standard by July 31, 2013, so its shares are subject to delisting. GeoPetro intends to appeal with an oral hearing, expected in about 6 to 8 weeks, which stays the delisting for now. It says this will not affect the MCW merger, though conditions are not assured. This continues the 2012 financial-condition deficiency thread and is a setback; the separate reverse-split requirement by May 21, 2013 is restated as still outstanding.
10 Apr 2013agm notice● Neutral
GEOPETRO RESOURCES CO announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
10 Apr 2013business combination● NeutralMajor
On April 4, 2013, GeoPetro and MCW amended the merger agreement. The deadline for GeoPetro to raise the $1,900,000 (units at no less than $0.10) moved to May 31, 2013, and a new condition requires shareholders to approve raising authorized common shares from 100,000,000 to 200,000,000. The amendment also permits GeoPetro to issue up to 20,000,000 units to settle certain notes payable and deferred compensation in equity, and permits MCW to issue stock in connection with a roughly $20,000,000 financing, in both cases without changing the exchange ratio. This continues the merger thread; the unit issuance for notes and deferred pay would dilute existing holders (inference).
2 Apr 2013late filing notice▼ Bad
GEOPETRO RESOURCES CO notified the SEC that its annual report would be filed late.
4 Mar 2013business combination● NeutralMajor
On February 28, 2013, GeoPetro agreed to merge with a subsidiary of MCW Energy Group Limited (Ontario) and survive as an MCW subsidiary. Each GeoPetro common share would convert into 0.07840916 MCW common shares plus 0.138485 non-voting, non-dividend MCW Class B preferred shares (convertible into MCW common only if GeoPetro hits certain EBITDA targets within five years), and each Series B preferred share into 0.07840916 MCW Class A preferred shares. Closing needs shareholder approval of both companies, California Commissioner of Corporations approval, MCW shares listed on NYSE MKT, no more than 5% dissenting shares, and GeoPetro raising $1,900,000 in units at no less than $0.10 by March 29, 2013 (extendable by MCW); a $250,000 termination fee may apply. This is a new thread and builds on the February 2013 $0.10 placement.
28 Feb 2013capital raising announcement▼ Bad
On February 15, 2013, GeoPetro sold 3,650,000 units at $0.10 each for $365,000, each with one common share and a 3-year warrant for half a share at $0.50. This adds 3,650,000 shares and 1,825,000 warrants, diluting holders; the price is far below the $0.45 and $0.48 paid in the 2010-2011 placements (a comparison from the text's figures), and investors received piggyback registration rights.
What it means for a shareholder
3.6m new shares at $0.100 to raise about $365,000. That's 7.3% dilution: every existing holder's slice gets 7.3% smaller. If you held $1,000 of shares (10,000 at the issue price), your slice goes from 0.0215% to 0.0199% of the company. To keep it you'd need 784 more shares - about $78 at the issue price.
Create a free account to see this worked out for your own holding.
14 Jan 2013auditor change● Neutral
GeoPetro engaged Burr Pilger Mayer, Inc. on January 14, 2013 as its auditor for the fiscal year ended December 31, 2012, replacing Hein & Associates. The filing states there were no prior consultations or disagreements.
21 Dec 2012director interest notice● Neutral
GEOPETRO RESOURCES CO President & CEO Suresh J Doshi gifted 450,000 shares.
30 Nov 2012auditor change● Neutral
This amendment adds detail to the November 19, 2012 auditor departure: Hein's 2010 and 2011 reports had no adverse or qualified opinion, there were no disagreements or reportable events, and the audit committee accepted Hein's decision. No new auditor had yet been named.
28 Nov 2012listing compliance notice▼ BadMajor
On November 21, 2012, NYSE MKT told GeoPetro its shares have sold at a low price for a substantial period, and continued listing depends on a reverse stock split by May 21, 2013. This is a separate listing issue from the earlier financial-condition notice.
23 Nov 2012auditor change▼ Bad
On November 19, 2012, Hein & Associates, GeoPetro's auditor since 2002, declined to stand for re-election. The filing says there were no disagreements with Hein and that the company plans to engage a new auditor shortly.
14 Nov 2012quarterly activities report▼ Bad
GEOPETRO RESOURCES CO reported a quarterly net loss of $1.3 million for the period ended 2012-09-30.
11 Oct 2012listing compliance notice● Neutral
On October 9, 2012, NYSE MKT found GeoPetro had made a reasonable demonstration of its ability to regain compliance and extended the deadline from September 28 to December 31, 2012. The listing continues, with periodic reviews and delisting possible if progress isn't made.
7 Sept 2012director interest notice● Neutral
GEOPETRO RESOURCES CO director David G Anderson received 75,000 shares and a 25,000-share option grant as part of the equity award.
7 Sept 2012director interest notice● Neutral
GEOPETRO RESOURCES CO director Christopher Thomas Czuppon received 75,000 shares and a 25,000-share option grant as part of the equity award.
7 Sept 2012director interest notice● Neutral
GEOPETRO RESOURCES CO Vice President of Exploration David Versal Creel received a stock option grant for 100,000 shares.